Debt Risk Heads for Biggest Drop in 11 Weeks After Jobs Report
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The cost of insuring against losses on European corporate bonds headed for the biggest weekly decline in almost three months after a report showed U.S. companies added more jobs than forecast.
The Markit iTraxx Crossover Index of credit-default swaps on 50 companies with mostly high-yield credit ratings dropped 47 basis points this week to 478, the lowest level since Aug. 9, according to JPMorgan Chase & Co. The contracts were 13 basis points lower at 2 p.m. in London.